Bank of America Cuts Outlook For The Semiconductor Sector (INTC, TXN, MRVL)
The semiconductor sector experienced a heavy sell off on Thursday as Bank of America decided to downgrade stocks in the sector because of a concern of rising inventory.
Intel (NASDAQ: INTC) is one of the stocks in the space that struggled today, and Guy Adami thinks the stock will go further down as he doesn't like the valuations. Intel (INTC) fell 4.08% to $19.30.
Texas Instruments (NYSE: TXN) was also downgraded today. Pete Najarian said that he likes Texas Instruments (TXN) and would buy it on the dip. TXN dropped 3.38%.
Other stocks that were downgraded are Marvel Technology Group Ltd. (NASDAQ: MRVL), LSI Corp. (NYSE: LSI), Maxim Integrated Products Inc. (NASDAQ: MXIM), National Semiconductor Corp. (NYSE: NSM), Power Integrations Inc. (NASDAQ: POWI) and Microchip Technology Inc. (NASDAQ: MCHP). These stocks traded in the negative territory today.
